Law Union & Rock Insurance Acquired by Consortium

One of the blue-chip insurance companies operating in the country, Law Union & Rock Insurance Plc has been acquired by a consortium comprising of Alternative Capital Partners (ACAP) and Swede Control Intertek Limited. The consortium purchased Skye Bank’s controlling interest of 60% equity in the insurance company.

ACAP Nigeria is a financial services company that comprises Fund/Portfolio Management, Mutual Funds, Wealth Management and Securities Trading. The company operates the ACAP Canary Growth Fund which was acquired from Oceanic and previously called the Oceanic Vintage Fund.

Swede Control Intertek is a Nigerian company focused on import consultancy.

Law Union & Rock is one of the first generation Insurance Companies to open office in Nigeria six decades ago. We began operations in Nigeria in 1951 as a Chief Agency when the late Sir Mobolaji Bank-Anthony held the power of Attorney for Royal International Insurance Holding, a U.K leading Insurance Company [the first Nigerian to have such authority].

In 1957, the company acquired Branch status and continued to operate as a Branch of Royal International Insurance Holding, United Kingdom, transacting all major classes of Insurance businesses until June 1969 when it became incorporated locally in compliance with the Companies Act of 1968.

In 1976 with the promulgation of Indigenization Decree, the Federal Government of Nigeria decided to acquire shares in leading Financial Institutions in the country, the Company was one of those affected by the exercise. The Federal Government acquired 9,775 shares of N2 each, which was 39.1% of the Company’s Paid-up capital. In 1989, the Federal Government in pursuit of its Privatization and Commercialization policy offered to the public its shares in the Company and this exercise led the company into being quoted on the floor of the Nigerian Stock Exchange on 9th July 1990. Law Union & Rock Ins. Plc is now a fully indigenous public quoted Insurance Company having met the N3 Billion Capital Base and recertified by NAICOM to continue to operate as a General Insurance Business Underwriter.